Mumbai: Pine Labs Limited has partnered with Bank of Ceylon in Sri Lanka to support the bank’s prepaid multi-currency travel card offering. The collaboration uses Pine Labs’ Credit+ platform to manage card issuance and related processing.
The physical card, issued under the Mastercard scheme, is designed to meet the foreign exchange needs of Bank of Ceylon customers traveling overseas. According to the announcement, the Credit+ platform provides an integrated issuing stack built on modular architecture, covering services such as consumer onboarding, transaction processing, fraud prevention, and collections.
Pine Labs CEO B Amrish Rau said the Credit+ platform was developed to meet regulatory requirements across multiple jurisdictions. “We are delighted to partner Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, and power a robust tech-first card issuance experience,” Rau said.
Bank of Ceylon has already issued more than 20,000 of the multi-currency cards, according to Assistant General Manager (International) Upul Wijayathunga. He said the bank valued the platform’s contribution to managing card operations and looked forward to expanding the service.
As of December 31, 2024, Pine Labs reported that 28 issuers across 16 countries had used the Credit+ platform to issue 71 million accounts, covering credit, debit, and prepaid cards.